It was sometime in 2015, on a hiking trail in Hong Kong, that the perpetual swap — also called a perpetual future or a “perp” for short — was born. Ben Delo, the mathematician and co-founder of BitMEX, was walking with a friend called Bavik, a derivatives trader, wrestling with a problem that had been nagging at him for months. BitMEX had been trying everything. Quarterly futures, monthly futures, weekly futures, 48-hour futures, even a contract that lasted just 24 hours before resetting. Nothi…
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